FRANKFURT: German insurance giant Allianz said Wednesday it wanted to draw a line “quickly” under legal troubles encountered by its US subsidiary Allianz Global Investors, as it published strong third-quarter results.
American investment funds, which suffered big losses on Allianz investment products during the pandemic, have brought a series of civil complaints against the German group.
The suits relate to a structured investment fund known as Alpha, which is housed in the group’s US subsidiary Allianz Global Investors (GI), one of the largest asset managers globally.
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